Correlation Between 00206RFW7 and LENSAR
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By analyzing existing cross correlation between ATT INC 49 and LENSAR Inc, you can compare the effects of market volatilities on 00206RFW7 and LENSAR and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in 00206RFW7 with a short position of LENSAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00206RFW7 and LENSAR.
Diversification Opportunities for 00206RFW7 and LENSAR
Very good diversification
The 3 months correlation between 00206RFW7 and LENSAR is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding ATT INC 49 and LENSAR Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LENSAR Inc and 00206RFW7 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on ATT INC 49 are associated (or correlated) with LENSAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LENSAR Inc has no effect on the direction of 00206RFW7 i.e., 00206RFW7 and LENSAR go up and down completely randomly.
Pair Corralation between 00206RFW7 and LENSAR
Assuming the 90 days trading horizon 00206RFW7 is expected to generate 1.87 times less return on investment than LENSAR. But when comparing it to its historical volatility, ATT INC 49 is 2.01 times less risky than LENSAR. It trades about 0.06 of its potential returns per unit of risk. LENSAR Inc is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 738.00 in LENSAR Inc on September 12, 2024 and sell it today you would earn a total of 19.00 from holding LENSAR Inc or generate 2.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
ATT INC 49 vs. LENSAR Inc
Performance |
| Timeline |
| ATT INC 49 |
| LENSAR Inc |
00206RFW7 and LENSAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00206RFW7 and LENSAR
The main advantage of trading using opposite 00206RFW7 and LENSAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00206RFW7 position performs unexpectedly, LENSAR can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in LENSAR will offset losses from the drop in LENSAR's long position.| 00206RFW7 vs. Jeld Wen Holding | 00206RFW7 vs. Dream Finders Homes | 00206RFW7 vs. CECO Environmental Corp | 00206RFW7 vs. Hurco Companies |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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